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Nathan Tinkler relinquishes ownership of the Newcastle Knights

A

Alex28

Coach
Messages
12,254
I'm kinda bored by all the crap in this thread. Talking about Tinkler and the facts and what may happen interests me. That disappeared 20 pages ago.

Good you admitted you were wrong though. We don't know what Mirvac settled for, and if he won the case it would have cost him far less than the $17 Million he was sued for a property he no longer wanted. No article has stated what he actually paid, but don't let that get in the way of your cool story.

Roll the dice, see what happens and all that.

Any way... If you guys actually want to stay on topic - great. But the "he's fat" and the "Singapore hideout" crap is just boring. I have no interest in that shit.
 
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kmav23

kmav23

Juniors
Messages
2,014
He went from a billionaire to nothing....

Tinklers Mistakes

1) Gambling on mining boom to never end

2) putting eggs in one basket

3) borrowing 700 million

4) buying horses at peak value (estimated 300 million loss)
 
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A

Alex28

Coach
Messages
12,254
No doubt his playthings have been a mistake. However clearly he hasn't put all of his eggs into one basket - he tried to get into property and the coal loader which both ended up bad investments for him. He got into the retail side of coal at a bad time but it was a smart thing to do long-term (gives him cash flow rather than just pure speculation). His debt load will probably be his undoing but he got a little unlucky to an extent that China decided to stop buying heaps of coal when they did.
 
Mr Spock!

Mr Spock!

Referee
Messages
22,502
kmav23 said:
http://www.youtube.com/watch?v=9BDbxdyKuWQ

ABC story on Fatty... rise and fall....

2 electricians owed 40k by tinkler (ex sparkie himself) not paid after 2 years... !
Click to expand...

Told not to bother trying to get their money back as it is only worth $2. WTF?

What sort of a shonky business is that? And how do you get away with that?

So can I make up a $2 business, get some contractors and say oh shit the business only has $2?

Or is that something that rich people do?

I suppose that's what Coles and Woollies do - not pay their contractors for years. Just so they can make more money.

Are suppliers gonna want to be involved with the Knights?

Maybe they'll bet paid when Whitehaven goes up?

In your dreams!
 
A

Alex28

Coach
Messages
12,254
Unfortunately this kinda stuff happens every day, to a lot of business people, by people who shut up shop and start up again in a different company name and have assets that could meet their bills if they really wanted to pay them. It sucks, it is poor business practice, but it is a common occurrence.

There is a difference between what Coles/Woolies/Rio Tinto/BHP do in being (very) late payers - at least you know you are going to get your money (albeit you wear it on your overdraft paying interest on it while you wait for the payment) and what is in that news article. Mr Spock - I quite often see those companies on Aged Debtor statements with money owed for 90 days plus, when terms should be 14-30 days.
 
S

Sydney Knight

Bench
Messages
3,000
Mr Spock! said:
Told not to bother trying to get their money back as it is only worth $2. WTF?

What sort of a shonky business is that? And how do you get away with that?

So can I make up a $2 business, get some contractors and say oh shit the business only has $2?

Or is that something that rich people do?

I suppose that's what Coles and Woollies do - not pay their contractors for years. Just so they can make more money.

Are suppliers gonna want to be involved with the Knights?

Maybe they'll bet paid when Whitehaven goes up?

In your dreams!
Click to expand...

I often.used to use $2 shelf companies to crush people. It's harder now as a lot of people these days ask for bank guarantees
 
Loudstrat

Loudstrat

Coach
Messages
15,224
Alex28 said:
I'm kinda bored by all the crap in this thread. Talking about Tinkler and the facts and what may happen interests me. That disappeared 20 pages ago.
Click to expand...
I was talking about Tinklers financial woes. Whats the thread title again?????

Good you admitted you were wrong though. We don't know what Mirvac settled for, and if he won the case it would have cost him far less than the $17 Million he was sued for a property he no longer wanted. No article has stated what he actually paid, but don't let that get in the way of your cool story.
Click to expand...
You reckon they settled for less than $14million???? You have lost it. :lol::lol:

Funny how you race to quote a story to bck your argument up, then discredit the same article when it doesnt suit your agenda. :lol::lol:



Roll the dice, see what happens and all that.
Click to expand...
Are you happy that some fat useless twat is gambling with your clubs existance?

Logic_FAIL_by_1389AD.jpg
 
CC_Roosters

CC_Roosters

First Grade
Messages
5,221
Alex28 said:
No doubt his playthings have been a mistake. However clearly he hasn't put all of his eggs into one basket - he tried to get into property and the coal loader which both ended up bad investments for him. He got into the retail side of coal at a bad time but it was a smart thing to do long-term (gives him cash flow rather than just pure speculation). His debt load will probably be his undoing but he got a little unlucky to an extent that China decided to stop buying heaps of coal when they did.
Click to expand...

I believe the price of coal will rebound in 2013 not to the heights it was but itt will recover. The commodity prices of the past 8 years are an annomolly in the long term trend of reducing prices for the past 100 plus years.

China's demand will turn around as they did post strong growth in their last economic figures and barring armageddon are forecast to continue that. So if tinkler can stick around until the demand recovers he will be fine.
 
A

Alex28

Coach
Messages
12,254
Loudstrat - we have no proof as to what Tinkler and Mirvac settled for. Mirvac might have settled for less on the basis of Tinkler tying it up in courts for years. Shows how naive you are. Business doesn't work as simplistic as you think it does - just because someone owes someone else a dollar does not always mean they will end up with that dollar back.
 
kmav23

kmav23

Juniors
Messages
2,014
CC_Roosters said:
I believe the price of coal will rebound in 2013 not to the heights it was but itt will recover. The commodity prices of the past 8 years are an annomolly in the long term trend of reducing prices for the past 100 plus years.

China's demand will turn around as they did post strong growth in their last economic figures and barring armageddon are forecast to continue that. So if tinkler can stick around until the demand recovers he will be fine.
Click to expand...


he does not have the time....the interest on his 700 million debt will kill him

the share price needs 20% increase just to break even...

he has creditors chasing him left and right

- ato
- small and large businesses
- tradies
- the govt .. not paying stadium rent...
- his has debt 700 million from creditors...
 
A

Alex28

Coach
Messages
12,254
At 53 cents a dividend, and on the basis he still owns the 216,589,946 shares that he did in the 2012 financial report, there is around $115 Million in income to help service the debt - probably around double the interest that he is being charged on the loan (even at 10% which I doubt he is being charged there is more than enough to pay interest).

Might be a bit more interesting this year though...can't see the dividend being that high this year.

At some point the share price will reflect the price of coal and the short sellers will have to find something else to target. His fortunes will recover on that basis. Just a matter of when...
 
Mr Spock!

Mr Spock!

Referee
Messages
22,502
kmav23 said:
he does not have the time....the interest on his 700 million debt will kill him

the share price needs 20% increase just to break even...

he has creditors chasing him left and right

- ato
- small and large businesses
- tradies
- the govt .. not paying stadium rent...
- his has debt 700 million from creditors...
Click to expand...

Small business and tradies have Buckley's of getting their money.

You need to have the cash to take the big guy to court.
 
M

Matchball

Bench
Messages
2,971
Alex28 said:
At 53 cents a dividend, and on the basis he still owns the 216,589,946 shares that he did in the 2012 financial report, there is around $115 Million in income to help service the debt - probably around double the interest that he is being charged on the loan (even at 10% which I doubt he is being charged there is more than enough to pay interest).

Might be a bit more interesting this year though...can't see the dividend being that high this year.

At some point the share price will reflect the price of coal and the short sellers will have to find something else to target. His fortunes will recover on that basis. Just a matter of when...
Click to expand...

That 115 million will be halved when taxed. Wont even cover the interest.

He needs a miracle to survive this.
 
eozsmiles

eozsmiles

Bench
Messages
3,392
Alex28 said:
No doubt his playthings have been a mistake. However clearly he hasn't put all of his eggs into one basket - he tried to get into property and the coal loader which both ended up bad investments for him. He got into the retail side of coal at a bad time but it was a smart thing to do long-term (gives him cash flow rather than just pure speculation). His debt load will probably be his undoing but he got a little unlucky to an extent that China decided to stop buying heaps of coal when they did.
Click to expand...

His playthings are people.

It is probably best that he has hit the wall for now because it means he hasn't been able to send too many more projects belly up and f**k too many more people in the ar$e. At the moment there is something popping up each week. I think it was Buildev last week or that building on the Newcastle foreshore he agreed to build. Doesn't really matter, the point is that I don't think that he started up all these things to fail. He doesn't want to close down everything he starts, even if many are "playthings".

Like I said yesterday I'm glad he didn't take on the $600 million redevelopment of the Newcastle CBD. It ain't the prettiest place right now but it would be damn worse if he'd pulled up stumps and dicked the thousands of folks who would have been working on it.

I'm just glad the people that risk getting fcked by him are already in bed with him and there (hopefully) aren't any more.
 
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